Searches And Hires
The board also disclosed a private equity commitment at today’s investment committee meeting.
The plan last conducted a similar search in 2021.
The authority’s investment portfolio is currently held in money market funds and various U.S. securities.
The plans currently work with general investment consultant Innovest Portfolio Solutions.
The firm will manage a total of $70 billion between the two corporate plans.
The plan will fund a new passive manager by redeeming an active one within its international equity portfolio.
The retirement system recently replaced its domestic large-cap value equity manager due to underperformance.
The plan interviewed two finalists in its third-party administrator search.
The board will weigh adding a core-plus fixed-income strategy with a new manager within its portfolio as it looks to shift to active from passive management and increase its risk profile.
The retirement system is seeking strategies across the international equity spectrum.
